Wall Street bank Citigroup said crypto exchange Gemini (GEMI) is still a waiting game.
Led by analyst Peter Christiansen, the bank’s analyst team reiterated its neutral and high risk calls on GEMI, while lowering the price target to $23 from $26. GEMI rose 5.5% to $20.60 on Friday.
Christiansen said although Gemini’s marketing campaign has been impressive, particularly around the Gemini Card and its app downloads, it will take more time to have an impact on the exchange’s user base and engagement.
He continued, Early data for October points to trading volumes that are only slightly up from September and weaker than July or August. This is disappointing considering the hype surrounding the XRP co-branded card launched ahead of Gemini’s IPO.
The new price target still implies a 45% discount to Coinbase (COIN)’s expected 2027 enterprise price-to-sales ratio.
picked up bullish pt
Citing bullish (BLSH) momentum following its New York BitLicense approval and expanded institutional access, Christiansen and team raised their price target on the company’s stock to $77 from $70. This implies an upside of approximately 40% from the current price of $55.62.
The bank reaffirmed its Buy/High Risk rating, positioning Bullish at the forefront of the next wave of crypto adoption due to improving regulatory clarity for traditional finance players.
Bullish owns CoinDesk.
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